APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Horizon Construction Development / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-construction-development" target="_blank" data-smartkarma-citation="entities:35117:1" rel="noopener">Horizon Construction Development (1887128D HK)</a> is looking to raise US$250m in its upcoming Hong Kong IPO.</li>
<li>HCD is an equipment operation service provider in China. It provides services covering the full cycle of projects.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we take a look at the company’s refiled PHIP updates.</li>
</ul>



Horizon Construction Development (1887128D HK) is looking to raise US$250m in its upcoming Hong Kong IPO.
HCD is an equipment operation service provider in China. It provides services covering the full cycle of projects.
In our previous note, we looked at the company’s past performance. In this note, we take a look at the company’s refiled PHIP updates.


Horizon Construction Dev Pre-IPO - Refiled PHIP Updates - Affected by COVID-19 & Fueled by More Debt

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 21st.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for China Mobile, Anta Sports Products, Semiconductor Manufacturing International, Meituan, Wuxi Biologics, Petrochina, Tencent, China Construction Bank, Sensetime.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 21st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, Anta Sports Products, Semiconductor Manufacturing International, Meituan, Wuxi Biologics, Petrochina, Tencent, China Construction Bank, Sensetime.


Hong Kong Connect Flows (Apr 21st): China Mobile, Anta, SMIC, Tencent, CCB, Sensetime

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 14th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Sensetime, Semiconductor Manufacturing International, Cnooc, China Mobile, Tencent, Meituan, Kuaishou Technology.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 14th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Sensetime, Semiconductor Manufacturing International, Cnooc, China Mobile, Tencent, Meituan, Kuaishou Technology.


Hong Kong Connect Flows (Apr 14th): Sensetime, SMIC, Cnooc, China Mobile, Tencent, Meituan, Kuaishou

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>If there is one phrase to summarize PM sector’s 2022, that is “never give up”.</li><li>Facing an unprecedented COVID and property market, not only SOEs utilized their dominate resources to deliver better-than-expected results (Poly, CR Mixc, COPH), but also POEs increased dividend and fought hard in third party expansion. (CGS, Sunac Service, New Hope Service). I</li><li>In this sector report, we initiate Binjiang service as Top pick on management’s good track record, 30% growth profile, stable parentco (63% sales YoY growth in 1Q23) and attractive valuation (11/9x 2023/24E PE).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

If there is one phrase to summarize PM sector’s 2022, that is “never give up”.Facing an unprecedented COVID and property market, not only SOEs utilized their dominate resources to deliver better-than-expected results (Poly, CR Mixc, COPH), but also POEs increased dividend and fought hard in third party expansion. (CGS, Sunac Service, New Hope Service). IIn this sector report, we initiate Binjiang service as Top pick on management’s good track record, 30% growth profile, stable parentco (63% sales YoY growth in 1Q23) and attractive valuation (11/9x 2023/24E PE).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Property Sector – FY22 review: if and only if Binjiang Service

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo (2602 HK)</a> (OST) had raised around US$730m in its Hong Kong IPO in Sep 2022. Its six-month lockup is set to expire soon.</li>
<li>OST is a property management service provider in China, primarily owned by <a href="https://www.smartkarma.com/entities/china-vanke-co-ltd-h" target="_blank" data-smartkarma-citation="entities:18368:1" rel="noopener">China Vanke (H) (2202 HK)</a>. </li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Onewo (2602 HK) (OST) had raised around US$730m in its Hong Kong IPO in Sep 2022. Its six-month lockup is set to expire soon.
OST is a property management service provider in China, primarily owned by China Vanke (H) (2202 HK). 
In this note, we will talk about the lock-up dynamics and updates since our last note.


Onewo Space-Tech IPO Lock-Up - Company, Parent and Cornerstones Could Eventually Sell

China

Sunac Services Holdings Limited provides property management service. The Company offers property management services including security, cleaning, greening, gardening, and repair and maintenance services for the operation of common area facilities. Sunac Services Holdings also offers real estate brokerage, property interior decoration, and community living services.

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Sunac Services Holdings (1516 HK)

Horizon Construction Dev Pre-IPO - Refiled PHIP Updates - Affected by COVID-19 & Fueled by More Debt

Horizon Construction Development (1887128D HK) is looking to raise US$250m in its upcoming Hong Kong IPO. In this note, we take a look at the...

Ethan Aw

Hong Kong Connect Flows (Apr 21st): China Mobile, Anta, SMIC, Tencent, CCB, Sensetime

We analyzed the Hong Kong Connect Scheme for last week and highlight flows for China Mobile, Anta, SMIC, Tencent, CCB, Sensetime.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Apr 14th): Sensetime, SMIC, Cnooc, China Mobile, Tencent, Meituan, Kuaishou

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Sensetime, SMIC, Cnooc, China Mobile, Tencent, Meituan,...

Ke Yan, CFA, FRM

China Property Sector – FY22 review: if and only if Binjiang Service

In this sector report, we initiate Binjiang service as Top pick on management’s good track record, 30% growth profile, stable parentco (63% sales...

CMB International

Onewo Space-Tech IPO Lock-Up - Company, Parent and Cornerstones Could Eventually Sell

Onewo (2602 HK) (OST) had raised around US$730m in its Hong Kong IPO in Sep 2022. Its six-month lockup is set to expire soon.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

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